Cashless
transactions, which were once considered to be safe and secured by millions of
card holders around the world, are in danger of pilfering vital transaction
data by unscrupulous hackers.
Over seven billion credit
card holders globally are in risk of losing vital card data to fraudsters and cyber-criminals
with 2016 going to be a challenging year for cyber security agencies to thwart
the increasing attacks on POS installations.
It is estimated that about
one billion data records had been compromised through 1,500 attacks in 2014
with more than half of them belonging to the retail industry involving point-of-sale
(POS) systems.
India, with more than
half a million POS installations for 600 million card holders (credit and debit
cards put together) may find the vital card details compromised unless the retail
businesses and banks take adequate security measures to make transactions fully
secured, feels Bhaskar Venkatraman,
founder and CEO of JusTransact.com,
an e-commerce marketplace which sells Point of Sale (POS) hardware products to
retail and non-retail businesses.
Read full article here.
Also published in Merinews.com
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